Tag: SEC

Canada-based messaging app company Kik is planning to fight a likely U.S. Securities and Exchange Commission (SEC) enforcement action over its 2017 initial coin offering (ICO). According to a report from The Wall Street Journal on Sunday, Kik founder and CEO Ted Livingston said that the firm’s token, kin, works like a currency and is not “an unregistered security” as believed by the SEC. Kik raised almost $100 million via a sale of the token last September. With ICOs having diminished in number, in part due to the threat of regulatory…

The Securities and Exchange Commission’s (SEC) settlement with the founder of EtherDelta is likely the first of many enforcement actions to come against crypto token exchanges. Until recently, the SEC’s scrutiny of the cryptocurrency industry largely focused on projects and teams that raised money through initial coin offerings (ICOs) in possible violation of securities laws. But a person familiar with the SEC’s thinking told CoinDesk Thursday that crypto trading platforms have become a significant priority for the agency’s enforcement division. As such, the news that the SEC had charged EtherDelta founder Zachary…

Aug.23 — Bitcoin has suffered another setback from the U.S. Securities and Exchange Commission as it rejected a new round of attempts to list exchange-traded funds backed by the cryptocurrency. Bloomberg’s Jason Kelly reports on “Bloomberg Daybreak: Americas.” source

The U.S. Chamber of Commerce is interested in initial coin offerings as a way for companies to tap capital – but only if they’re regulated, that is. The influential business lobbying group launched its FinTech Innovation Initiative last Wednesday, highlighting development in cryptocurrencies and token sales as one of its eight “FinTech principles” aimed at “bridging the gap between technology and [Washington] D.C.” The organization specifically called for increased guidance on token sales, including how to determine whether a token is a security “so companies can have more predictability and…

Regulatory uncertainty or not, data from the SEC indicates the number of filings related to token sales continues to trend upward. Indeed, a review of SEC data through June indicates that the SEC has received nearly 100 filings for token sales (93) in the past year, beginning with four in August 2017 and building to an all-time high of 15 in May. Many of the filings reviewed by CoinDesk related to sales of Simple Agreements for Future Tokens, or SAFTs, which essentially serve as promises for tokens at a later date.…

Thailand’s securities regulator is reportedly expecting to approve five initial coin offerings (ICOs) later this month. According to the Bangkok Post on Wednesday, the Thailand Securities and Exchange Commission (SEC) has said that, while 50 ICOs in the country are currently applying for regulatory approval, five of them are already in a position to move ahead. However, the token sales will have to wait until later in June, when a royal decree on cryptocurrency, finalized last month, formally comes into law. While it remains unclear why these ICO projects are likely…

A little-known company in Estonia is looking to raise as much as $180 million in a SAFT sale, public records show. A Notice of Exempt Offering of Securities published on June 4 through the U.S. Securities and Exchange Commission’s EDGAR document system shows that a firm called NewTech Myning OU is looking to raise the funds by selling what are effective promises the distribution of tokens at a future time. To date, a number of blockchain startups and projects have raised money using the SAFT model. Per the form, the offering is…

The U.S. Securities and Exchange Commission wants to ensure investors can identify fraudulent initial coin offerings – even if it has to launch its own to do so. The regulator announced Wednesday it has launched a mock ICO called HoweyCoin, presumably named after the Howey Test, which “touts an all too good to be true investment opportunity.” However, the company notes, “the offer isn’t real.” Users who try to invest in the token sale will instead be redirected to the regulator’s education tools, which are aimed at pointing out the…

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